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Music mogul supports One Equity-backed bid for CKX

Allen Shapiro's bid of $550m (€450.6m) to $560m for CKX, backed by One Equity Partners, could be funded to the tune of up to $200m by Live Nation’s executive chairman Irving Azoff, it has emerged.

Azoff is seeking a minority stake of between 25% and 33% in the listed "American Idol" franchise owner - valued at nearly $460m - which is also being eyed by a rival group involving Simon Fuller and ex-Barclays Capital executive Roger Jenkins.